April 9, 2024 6:00 a.m. | 1 minute read |
Cathie Wood's Ark Investments The company has been a short seller of two crypto-related stocks for much of this year, but on Monday it suspended sales of one of them.
what happened: Ark did not trade stocks on trading app Robinhood Co., Ltd. (NASDAQ:HOOD) Cryptocurrency exchange sales increased on Monday Coinbase Global Co., Ltd. (NASDAQ:COIN).
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through the arc Ark Innovation ETF (NYSE:ARKK), Ark Next Generation Internet ETF (NYSE:ARKW) and Ark Fintech Innovation ETF (NYSE:ARKF) sold 11,775 shares of Coinbase stock worth $3.03 million. Riding the crypto rally, Coinbase rose 6.68% on Monday to close at $256.99, according to data from Benzinga Pro.
On Friday, Ark sold 62,615 Coinbase shares worth $15.08 million and 925,585 Robinhood shares worth $17.03 million.
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Why it's important: Coinbase is one of the major holdings of ARKK, Ark's flagship exchange-traded fund. The fund currently owns $714.63 million worth of Coinbase shares, giving it a weight of 9.75% in its portfolio.
Since the beginning of 2023, cryptocurrencies have been in the doldrums and are on top of cryptocurrencies. Bitcoin (CRYPTO:BTC) is showing extra strength ahead of the halving event. “The past three Bitcoin halvings, in 2012, 2016, and 2020, have seen crypto prices explode after the halving occurred,” Benchmark analysts said. mark palmer In a recent note.
ARKK closed Monday's session up 2.08% at $48.10, according to data from Benzinga Pro.
Read next: Economist points out worrying trends in seemingly positive jobs numbers, 'doesn't bode well for the future,' says Cathie Wood
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